If you’re a married homeowner in Ohio facing divorce, you may be wondering what happens to your house. How is it divided, or who stays in it? Is it even possible to sell it during a divorce?
It is likely that you have plenty of questions, and this blog post is ready to provide some answers. Read on to learn how to sell a house during a divorce in Ohio.
What to Expect
One of the first things you should know about Ohio is that it is an equitable distribution state. Divorcing couples have the ability to divide assets and debt fairly, unlike in community property states where all assets are equally divided regardless of who owned them initially. Additionally, Ohio requires a minimum of six months of residency to file for dissolution of marriage.
If both parties agree, houses can be included in divorce settlements. In the event that an agreement cannot be reached, a judge will make the decision in court.
In some cases, the judge may decide to sell the house and split the proceeds. One party may also receive the house while the other receives other assets of equal value.
How Does Property Distribution Work?
The fact that one spouse owned the property before marriage does not mean they can keep it after marriage as a home may be valued higher by a judge. Even so, it is likely to remain marital property, which means it will be divided accordingly.
According to Ohio marital property laws, the value of a couple’s property is typically split equally. However, a spouse may receive a greater share depending on several factors, such as:
- Age difference
- Type of property
- Separate property value
- Skills and educational background
- Debts owed and future expenses
- Income or earning capacity differences
Behaving badly or having an affair does not, by itself, count against you in the property division. However, it does affect alimony, and you might lose a larger share of marital property if your affair or other bad act wasted marital assets.
Who Gets to Stay in the House?
In the event that the parties cannot agree on who will stay in the home, the status quo continues, and neither party may kick the other out. When a court order is not present, spouses should resist leaving the marital home, as early move-outs can be used to prove that one spouse has sufficient funds to do so.
A protective order may be filed if either spouse exhibits significant negativity, threats, or harassment toward the other.
The Home Selling Process
In the case that a court order or an agreement with your spouse requires you to list your house for sale, follow the standard steps for selling a house. In this process, the house is listed, shown to potential buyers, and a sale price is negotiated. The divorce agreement requires you to pay off your outstanding mortgage debt once you sell your house.
Prepare Your Home for Sale
As part of preparing your home for sale, you should:
- Ensure any necessary repairs are made. Your home will be more attractive to potential buyers if you make it more appealing.
- Ensure the house is decluttered and staged. Potential buyers will be attracted to a home that looks inviting.
- Ensure you do your market research. You can determine the best price for your home and how to sell it based on market trends in your area.
Handle Negotiations
In order to sell your home, you must negotiate with potential buyers and their agents. Keep in mind that you are not required to accept the first offer you receive. Keep an open mind and don’t be swayed by lowball offers. It is important to discuss the closing date, the price, and any repairs (if any) during the negotiation process.
Close the Sale
You will need to sign a purchase agreement with the buyer’s agent as soon as you accept an offer. Upon closing, you vacate the home and hand over the keys to the buyer.
Sell Your House As-Is in Ohio
Although the process outlined above seems straightforward, there are many factors that can go wrong that can make the home selling process a nightmare when going through a divorce. At Favor Home Solutions, we are aware of how time-consuming and stressful the divorce process can be. Our team is ready to assist you and provide you with a fair, no-obligation cash offer for your home.
You can start over and put this chapter behind you with our help. Contact us today if you want to sell your house fast without paying an extra penny on repairs or fees!
